First Tractor 0038

First Tractor 0038

Postby winston » Sat Aug 23, 2008 7:40 am

Not vested.

First Tractor profit down

Mainland agricultural machinery manufacturer First Tractor (0038) said its first half net profit was down 34.9 percent to 77.94 million yuan, due to higher cost and expenses despite enjoying a lower tax rate.

Revenue for the same period was 4.04 billion yuan (HK$4.61 billion), a slightly rise of 12.3 percent from a year ago. No interim dividend was declared.
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Re: First Tractor 0038

Postby winston » Thu Apr 30, 2009 7:25 am

Not vested. From Dr. Check, The Standard HK:-

First Tractor (0038) is principally engaged in the manufacture and sale of agricultural machinery in the mainland, where agricultural mechanization has state backing.

Lower raw material costs will help the firm improve its profit margin. Sales in the first quarter jumped 25 percent year on year.

The stock closed at HK$2.04 yesterday, up 9.6 percent. It is worth considering below HK$1.80.
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Re: First Tractor 0038

Postby winston » Thu Aug 13, 2009 6:51 am

Not vested. From Dr. Check, The Standard HK:-

First Tractor (0038) hit a 52-week high of HK$3.07 before closing at HK$2.97, up 6.8 percent.

First Tractor makes and sells agricultural machinery in China. Its other products include construction machinery, diesel engines, fuel injection pumps and fuel jets.

China is supporting investment in agriculture and infrastructure, hiking local machinery demand. First Tractor's net profit last year fell 38 percent to 68.5 million yuan (HK$77.67 million) after excluding investment income in 2007.

This year, lower raw material costs helped the firm improve its profit margin. First-quarter sales rose 25 percent.

Singapore's UOB said better operating efficiency and internal restructuring can improve the stock's valuation.

It targets HK$3.60 or 16 times next year's projected earnings, representing a 20 percent upside from yesterday's closing price of HK$2.97 for the stock.

Judging from the past, there is no need to chase the stock after a rally. Dr Check would wait until it dips to around HK$2.75.
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Re: First Tractor 0038

Postby winston » Wed Feb 10, 2010 7:40 am

Not vested. From Dr. Check, The Standard HK:-

Seeds of hope in tractor maker

Beijing recently indicated that it will invest 800 billion yuan (HK$910.4 billion) in agriculture this year, a move that will stimulate demand for agricultural and construction machinery.

With this in mind, let us take a look at First Tractor (0038), which is principally engaged in making and selling agricultural machinery in the mainland.

It also makes construction machinery, diesel engines, fuel injection pumps and fuel jets.

There is a high possibility that Beijing will increase subsidies to farmers to buy new equipment.

Last year the stock prices of automobile and electrical appliance makers surged after rural buyers of such products were given subsidies.

As of June, First Tractor's net profit was up 115 percent from a year earlier to 188 million yuan.

Agricultural machinery sales accounted for 73 percent of revenue and more than 90 percent of income came from the mainland.

The stock has dropped from a high of HK$6.65, closing yesterday at HK$5.39.

Near HK$4.70, it looks like a healthy bargain.

http://www.thestandard.com.hk/news_deta ... 00210&fc=4
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Re: First Tractor 0038

Postby winston » Fri Jul 11, 2014 6:08 pm

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FIRST TRACTOR (00038.HK) 1Q net profit down 8% to RMB99.06M
2014-04-29

FIRST TRACTOR (00038.HK) -0.030 (0.550%) Short selling $3.88M; Ratio 16.992% announced the first-quarter report which were prepared with the PRC Accounting Standards for Business Enterprises.

Its revenue slipped 0.3% from a year ago to RMB3.084 billion.

Net profit receded 8.1% to RMB99.06 billion, representing earnings per share of 9.95 fen.

Source: AAStocks Financial News
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Re: First Tractor 0038

Postby winston » Fri Jul 11, 2014 6:13 pm

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FIRST TRACTOR (00038.HK) reiterated Buy with target raised to $6 by Citi
2013-10-30

Citigroup noted in a report that FIRST TRACTOR (00038.HK) -0.030 (0.550%) Short selling $3.88M; Ratio 16.992% 's third-quarter performance was slightly better than its expectation, and it is expected that the demand for machinery upgrading remains strong and gross margin will continue to improve.

Besides, land reform detailed plans may be rolled out at the Third Plenary Session, which may form a short-term catalyst for the share price.

The target price was lifted from $5.4 to $6, with the Buy rating reiterated.

The broker also raised the 2013/14/15 core earnings forecast by 3.5%/2.1%/0.8%.

Source: AAStocks Financial News
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Re: First Tractor 0038

Postby winston » Fri Jul 11, 2014 6:17 pm

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FIRST TRACTOR (00038.HK) initiated Buy with TP$5.4 - Citi
2013-07-19

Citigroup noted in a research report that it initiated the Buy rating for FIRST TRACTOR (00038.HK) -0.030 (0.550%) Short selling $3.88M; Ratio 16.992% , with target price set at $5.4.

The Bank holds a bullish view due to increased high-power tractor market, improved gross margin by users' upgrade, faster-than-expected Mainland agricultural mechanization progress and the upside potential brought by recycling old machines and subsidy policies.

Source: AAStocks Financial News
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Re: First Tractor 0038

Postby winston » Fri Jul 11, 2014 6:18 pm

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FIRST TRACTOR (00038.HK) initiated at OP by Daiwa
2013-01-16

Daiwa expects the earnings per share of FIRST TRACTOR (00038.HK) -0.030 (0.550%) Short selling $3.88M; Ratio 16.992% to grow by 24% year-on-year in 2013 and predicts the profit's compound annual growth rate for 2012-15 to be 18%.

FIRST TRACTOR was initiated at Outperform with target set at $9.33.

Source: AAStocks Financial News
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Re: First Tractor 0038

Postby winston » Wed Aug 27, 2014 10:30 am

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<Result Ann>FIRST TRACTOR (00038.HK) 1H net profit down 40% to RMB110M

FIRST TRACTOR (00038.HK) announced that its net profit for the first six months of 2014 dropped 39.63% year-on-year to RMB112 million.

EPS was 11.29 fen. No dividend was declared.

During the period, its revenue fell 17.5% from a year ago to RMB5.474 billion.

Gross profit slipped 4.03% to RMB946 million.

Source: AAStocks Financial News
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